Interest rates increased once again to fight inflation – what the rise may mean for you.

The Bank of England has increased the interest rate once again from 0.5% to 0.75% in a bid to counter the rising cost of living.

Interest rates now sit at their highest level since March 2020, the start of the coronavirus lockdowns.

The announcement follows a hike in energy prices and food costs throughout the UK.

The Bank has warned that inflation may reach 8% and possibly higher in the coming months.

Most homeowners with fixed-rate mortgage deals won’t be affected immediately but are likely to find remortgaging more expensive when their current deal ends.

Those with variable-rate mortgages are likely to see an increase in their monthly costs imminently.

Whether you’re looking to purchase a new property or considering your remortgaging options, we can help.

Our team have expert knowledge of the property market and can find you the best rates available.

Our friendly advisers are at hand to help you navigate the whole process, so please don’t hesitate to contact us to see how we can support you.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.